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Peso strong, PSEi back in 8,000-level on Monday

Both Philippine currency and stock market kicked off this week’s trading strong.

According to the Philippine Dealing and Exchange Corp. (PDEX) Philippine peso strengthened to 49.40 against a United States dollar on Monday from 49.55-finish last week, climbing by Php 0.15.

A local trader said the peso appreciation followed other Asian market currencies as dollar weakened due to the downbeat US jobs data last week.

Peso opened the day strong at 49.43 on Monday from previous trade’s opening of 49.77 to a dollar.

It traded to a high of Php 49.36 to a low of Php 49.44, bringing the average level for the day at Php 49.40 to a dollar.

Total volume of trade reached USD 609.9 million on Monday.

The currency pair is expected to trade between Php 49.30 to Php 49.50 on Tuesday.

Meanwhile, the Philippine Stock Exchange index (PSEi) returned to 8,000-level on Monday.

The local bourse ended the day in the green at 8,001.38, an increase of 1.18 percent, or 93.72 points, better than the previous close of 7,907.66.

All Shares likewise improved by 0.94 percent or 44.14 points to 4,760.27.

All sectors made increments led by Financials, which increased by 1.57 percent, or 30.61 points, to 1,976.31; followed by Services, up by 1.39 percent or 23.93 points to 1,741.25; Holding Firms, up by 1.36 percent or 106.55 points to 7,953.67; Mining and Oil, up by 1.20 percent or 149.27 points to 12,568.54 points; Property, up by 0.92 percent or 34.08 points to 3,740.42 points; and Industrial, up by 0.14 percent or 15.18 points to 11,112.93.

The trader said the investigation on Resorts World Manila incident has appeased the market, as public officials said that the attack was not carried out by terrorist group.

Moreover, total volume traded on Monday was at 1.10 billion shares amounting to Php 8.65 billion.